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Home»EXCHANGE NEWS»Litecoin Price Prediction: LTC Rises 10% as Bulls Target $110.
EXCHANGE NEWS

Litecoin Price Prediction: LTC Rises 10% as Bulls Target $110.

By Crypto FlexsDecember 2, 20232 Mins Read
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Litecoin Price Prediction: LTC Rises 10% as Bulls Target 0.
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Litecoin price is rising above $90 against the US dollar. LTC could rise above $100 and head towards the $110 resistance.

  • Litecoin is steadily rising towards $100 against the US dollar.
  • The price is currently trading above $90 and the 100 simple moving average (4-hours).
  • On the 4-hours chart of the LTC/USD pair (data feed from Kraken), a breakout occurred above the main bearish trendline with resistance near $86.20.
  • The price could rise further to the $100 and $110 levels.

Litecoin price gains strength again

After forming a base above the $80 level, the price of Litecoin began a new rise against the US dollar. LTC price has now broken the $85 resistance level to start a rally.

On the 4-hours chart of the LTC/USD pair, a breakout occurred above the main bearish trendline with resistance near $86.20. The pair rose more than 10% and outperformed both Bitcoin and Ethereum. It even rose to the $92 level. A high was formed near $95.85 and the price is consolidating gains above the 23.6% Fib retracement level rising from the $81.70 swing low to the $95.85 high.

Litecoin is currently trading above $90 and the 100 simple moving average (4-hours). On the other hand, immediate resistance is near $96. The next major resistance is near the $100 level. If there is a clear break above the $100 resistance, the price could begin a strong rise once again.

Source: TradingView.com LTCUSD

As stated, the price is likely to continue higher towards the $108 and $110 levels. Any more profits could push the price of LTC towards the $120 resistance area.

Are Dips limited in LTC?

If Litecoin price fails to clear the $100 resistance level, there may be a downward correction. Initial support for the downside is near the $92 level.

The next major support is formed near the $88.50 level or the 50% Fib retracement level in the rise from the $81.70 swing low to the $95.85 high, below which there is a risk of a move towards the $85.00 support. Any further losses could push the price towards the $82 support level.

Technical indicators:

4-Hour MACD – MACD is now pacing in bullish territory.

4-Hour RSI (Relative Strength Index) – The RSI for LTC/USD is above the 50 level.

Key support levels – $92.50 followed by $88.50.

Key resistance levels – $96.00 and $100.00.

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